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Samantha

Buying and selling property at the same time can be tricky, especially when your funds are tied up. Sydney resident Samantha found the answer.

When Samantha found her dream apartment in Erskineville in Sydney’s inner west, she still needed to wait for the funds from her house sale in Coogee before she could secure her new property with a 10% cash deposit.

“I saw the apartment on Saturday and loved it. It’s a one-bedroomed New York style loft apartment with a garden – a really great space,” Samantha recalls. “Unusually, the owner was selling it privately with no real estate agent involved.”

Samantha found herself in a silent bidding war with another interested buyer. With her offer finally accepted, she needed to find the deposit to secure the sale. The challenge was that her house sale hadn’t yet settled.

“I knew I had money coming through, but it just wasn’t quick enough to pay the 10% deposit.”

Because Samantha was buying outright using the proceeds of her house sale, she wasn’t taking out a mortgage. With no association with a bank, Samantha decided that using a personal loan for the deposit would be slow and stressful.

“I needed a deposit really quickly, and didn’t want to bring a bank into it if I didn’t have to. With only five working days, I would have missed out,” she explains.

A friend suggested that she use a deposit bond, which is a substitute for the cash deposit required between signing the contract of sale and settlement. Like a cash deposit, a deposit bond is used to guarantee the commitment of a buyer to the contract of sale. It’s also perfect for scenarios like Samantha’s, where you intend to buy and sell at the same time and your cash is tied up.

“I’d never heard of a deposit bond so I literally did an internet search to find out how they worked,” she says. “That’s when I found Deposit Assure.”

Deposit Assure’s bonds are underwritten by QBE Insurance, one of the most respected and recognised insurance companies in Australia. The process is simple: Deposit Assure can issue a bond so long as the buyer proves they will have the funds to complete their purchase at settlement, which Samantha could as her property was under contract.

“As soon as Deposit Assure was involved, it was all organised very quickly. Etienne helped with the paperwork, so everything was easy,” she says.

By 5pm on Friday, Samantha and the vendor were ready to exchange contracts – which took place in a pub!

“I really recommend deposit bonds in this situation, especially from Deposit Assure. The whole process was so straightforward, with one transparent fee and such personalised service,” Samantha adds.

Are you buying and selling?

Get in touch with our deposit bond concierge team. We’ll assess your situation and, if a deposit bond is what you need, we will take care of your application for you. Our concierge officers will guide you through the entire process from start to finish. Easy!

OTHER REAL-LIFE STORIES

What happens when you want to take advantage of a great property investment opportunity but your cash is tied up elsewhere? Melbourne-based property investor Kim Castles found the answer in a deposit bond.

It’s a downsizer’s dream to be able to purchase a smaller home before selling the current one. The problem is, most of us will still need to find a deposit to make the dream come true, as Sydney-sider Angela Verad discovered.

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What our customers are saying about us

"An absolute pleasure to deal with. Courteous and hassle free with a speedy same day service. We are very happy customers, Thank you." - Lisa Avery (Homebuyer)

"I did call other companies but did not get the explanation I received from Deposit Assure, therefore it was easy to choose who to go with." - Dan Usher (Homebuyer)

"Thank you so much for your fantastic service today, it has been very much appreciated. From my first contact via your website only a few short hours ago you immediately jumped into action, and I never expected to have this wrapped up so quickly. We can go ahead with our exchange tomorrow which is a big relief." – Jennifer & Robert (Homebuyers)

"I can not recommend your service highly enough. The professionalism and efficiency displayed is a credit to your business. I would not hesitate to use your service again or to pass on your details to anyone who required a deposit bond." - Anne and Peter Sorrenson (Homebuyers)

"I cannot believe how easy it was. It took me 10 minutes and I was going slow!" Ben Angus – (Mortgage Broker)

"Thank you very much for your services. Fantastic response time and always keeping us up to date on the progress. Thanks again." Elisha Stewart - (homebuyer)

"I just did our first deposit bond with Deposit Assure and it is so easy it is not funny. Turn around is excellent along with communication." - Annie Papagrigoriou - Jo Attard & Co

"Just to say you took the worry out of a quite daunting process at a time when everything is foreign to someone very new to the process.Thank you for making it all so much easier to proceed and succeed" - Violet Harris (Homebuyer)

"This is an excellent service, one that I didn't know existed. Truly takes away any stress of finding a Deposit, especially if your settlement dates do not match up. Deposit Assure kept us informed at each step and worked with our Conveyancing Team, everything was done smoothly and well. Thank you for your assistance." William and Judy Wallis (Homebuyers)